Delaware Code Title 12 Sec. 3571 – Retained interests of transferor
A qualified disposition shall be subject to § 3572 of this title notwithstanding a transferor‘s retention of any or all of the powers and rights described in § 3570(11)b. of this title and the transferor’s service as investment adviser pursuant to § 3570(8)d. of this title. The transferor shall have only such powers and rights as are conferred by the trust instrument. Except as permitted by §§ 3570(8)d. and 3570(11)b. of this title, a transferor shall have no rights or authority with respect to the property that is the subject of a qualified disposition or the income therefrom, and any agreement or understanding purporting to grant or permit the retention of any greater rights or authority shall be void.
71 Del. Laws, c. 159, § ?1; 71 Del. Laws, c. 343, § ?6; 72 Del. Laws, c. 59, § ?2; 72 Del. Laws, c. 341, § ?5;
Terms Used In Delaware Code Title 12 Sec. 3571
- adviser: includes a trust "protector" or any other person who, in addition to a qualified trustee, holds 1 or more trust powers. See Delaware Code Title 12 Sec. 3570
- Disposition: means a transfer, conveyance or assignment of property (including a change in the legal ownership of property occurring upon the substitution of 1 trustee for another or the addition of 1 or more new trustees), or the exercise of a power so as to cause a transfer of property, to a trustee or trustees, but shall not include the release or relinquishment of an interest in property that theretofore was the subject of a qualified disposition and shall not include a sale or exchange for full and adequate consideration. See Delaware Code Title 12 Sec. 3570
- Property: includes real property, personal property, and interests in real or personal property. See Delaware Code Title 12 Sec. 3570
- Qualified disposition: means a disposition by or from a transferor (or multiple transferors in the case of property in which each such transferor owns an undivided interest) to 1 or more trustees, at least 1 of which is a qualified trustee, with or without consideration, by means of a trust instrument. See Delaware Code Title 12 Sec. 3570
- Transferor: means a person who, as an owner of property, as a holder of a power of appointment which authorizes the holder to appoint in favor of the holder, the holder's creditors, the holder's estate or the creditors of the holder's estate, or as a trustee, directly or indirectly makes a disposition or causes a disposition to be made. See Delaware Code Title 12 Sec. 3570
- Trust instrument: means an instrument appointing a qualified trustee or qualified trustees for the property that is the subject of a disposition, which instrument: